0
What else can I help you with?
What is mean by the comparability convention?
The convention of comparability
What is the principle of comparability?
It is to compare the two different inputs
Why are accounting standards important for the preparation of financial statements?
For comparability.
What is meant by the comparability convention?
The convention consistancy permits comparability of finincial statements from year to yera for the same entity . The user of finincial report require qualitaive standard of comparability from different entities which in there judgementwill most fairly present finincial position of different entities to make resioned choiceBy Manish Katariacontact me @ mkataria85@ymail.com
Dungeon Keeper 2 comparability with Vista SP1 and a widescreen monitor?
Yes
Qualitative characteristics associated with reliable accounting information are?
Relevance, comparability and understandability.
Why is time period assumption important in preparing financial statements?
So that comparability between periods is preserved.
What are the qualitative characteristics of accounting information?
1 Relevance 2 Reliability 3 Comparability 4 Understandability
Explain the role of accounting in economic development of a country?
It help improve the transparency, comparability and accountability of financial reporting.
Advantage of matching concept?
The matching concept in accounting ensures that expenses are recorded in the same period as the revenues they help to generate, providing a more accurate representation of a company's financial performance. This principle enhances the reliability of financial statements, allowing stakeholders to make better-informed decisions. Additionally, it promotes consistency and comparability across periods, facilitating a clearer analysis of a company's profitability and operational efficiency. Overall, it supports effective financial management and planning.
How can you explain historical cost concept to learners?
The historical cost concept refers to the practice of recording assets and liabilities at their original purchase price, rather than their current market value. This means that financial statements reflect the price paid at the time of acquisition, providing a consistent and objective basis for accounting. It helps learners understand that while market values may fluctuate, the historical cost remains stable, ensuring accurate financial reporting and comparability over time. This concept is fundamental in accounting as it enhances reliability and reduces subjectivity in financial statements.
What is the Comparability factors assumes that larger purchases command lower prices per unit where economies of scale are involved?
Quantity or size
